PBOC Governor Pan Gongsheng at IMF Annual Meetings in Washington: Making RMB Bonds Eligible Collateral
On October 15, Pan Gongsheng, governor of the People's Bank of China, delivered a keynote speech at an emerging-markets seminar held during the annual meetings of the International Monetary Fund and the World Bank in Washington, introducing the opening of China's bond market. The People's Bank of China published the speech on its website.
Pan said the local-currency bond markets of emerging economies keep growing while cross-border holdings remain low, and that geopolitical risks and the development of super intelligence are affecting bond-market operations. China's bond market, he said, follows a law-based, market-oriented and international approach; a stable renminbi and stable RMB asset prices give global investors diversified allocation choices.
According to the speech, nearly 1,200 foreign institutional investors from almost 80 countries and regions now participate in China's interbank bond market; 'panda bonds' provide a channel for foreign institutions to raise funds onshore in China, and the offshore RMB market is also developing. The PBOC, Pan said, will work to make RMB bonds widely recognized eligible collateral in global markets, facilitate foreign investors' holding and trading of RMB assets, and advance connectivity between onshore and offshore financial infrastructure.
Also in Washington for the G20 finance ministers and central bank governors' meeting, Chinese Minister of Finance Lan Fo'an said China would implement a more proactive fiscal policy in a targeted and effective manner, keep the economy improving, and inject confidence and certainty into the world economy.
The 2026 annual meetings of the IMF and the World Bank were held in Washington in mid-October, attended by finance ministers and central bank governors from around the world.
Published by GSM · USA (original Chinese edition)
Photo: 图：国际货币基金组织总部大楼（华盛顿，资料图）。照片：国际货币基金组织，公有领域，经 Wikimedia Commons。Photo: IMF headquarters in Washington, D.C. (file photo). International Monetary Fund photo, public domain, via Wikimedia Commons.
